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GBP/USD currency pair has experienced a significant decline, falling below the 1.2200 mark after the release of the U.S. Producer Price Index (PPI) data.

The producer price index was expected to increase 0.4% in December, according to the Dow Jones consensus estimate.

The December PPI Index rose a seasonally adjusted 0.2% while the rate for the core producer price index over the same period remained flat. Annual PPI was up 3.3% compared to a 1.1% increase in 2023.

"December’s PPI data look good superficially ... "We think that is consistent with a 7.5% increase in the equivalent measure in the core PCE calculation, as prices usually fall in December ...